Freedom Fiduciaries, a retirement plan consulting firm launched earlier this year, has brought a pooled employer plan to market with the goal of simplifying qualified retirement plan administration and the assumption of fiduciary liability.
The Boise, Idaho-based firm’s Fiduciary Freedom PEP will be run by its team of qualified retirement advisers, including CEO Shane Hanson, formerly of Empower Retirement, and Cristina Hansen, Freedom Fiduciaries’ vice president and director of client services, who previously worked at Pensionmark Retirement Group.
“Now more than ever, plan sponsors are seeking committed partners who can bring innovative solutions to solve real-life problems in the retirement plan domain,” Shane Hanson said in a statement. “Our PEP is designed to alleviate the burden of day-to-day plan administration and mitigate the escalating fiduciary risk that plan sponsors encounter, enabling our clients to concentrate on their business growth and success.”
Freedom Fiduciaries tapped Empower to be the PEP’s recordkeeper, and Finway Group is the pooled plan provider, third-party administrator and 3(16) administrator, according to the announcement. Freedom Fiduciaries will act as the 3(38) investment manager.
“Having worked with clients every day in this space for the past thirteen years, I have witnessed how retirement plans often fall on their priority list, despite carrying significant liability,” Cristina Hansen, director of client service, said in a statement. ”Our clients have repeatedly expressed the need for simplified solutions, and the Fiduciary Freedom PEP is our answer to their demands.”
PEPs were introduced to the retirement market through the Setting Every Community Up for Retirement Enhancement Act of 2019 as a way for smaller plan sponsors to leverage the scale and administrative advantages of being part of a larger plan. While the qualified retirement plan vehicles have had a somewhat slow start in being adopted, some plan advisers and providers are showing success with the offering.
Payroll provider Paychex Inc. recently noted it has seen double-digit growth in its pooled employer plan in the last 12 months to reach 25,000 plan sponsors, and Aon earlier this year reported its PEP has accumulated retirement saving assets of more than $1 billion.
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Ascensus expands NQDC sales team; The Standard promotes Angie Cuthill within individual annuities; Optima names Paul Fletcher head of its new asset and wealth business line; and more.
Ascensus Institutional Solutions Expands NQDC Sales Team
Jody Passen.
Ascensus has expanded the sales team offering nonqualified deferred compensation plans and insurance distribution through Ascensus’ institutional solutions line of business.
Troy Testa.
Jody Passen, Troy Testa and David Tippets joined the team as insurance and nonqualified sales consultants to help advisers identify market opportunities and offer their clients NQDC plan solutions. They report to Clay Kennedy, vice president of insurance and nonqualified retirement plan sales, according to the firm.
“Relationships with our adviser partners are key to the success of Institutional Solutions and the team brings an abundance of adviser relationships who will benefit by expanding their practice to include NQDC and institutional life insurance offerings,” Kennedy said in a statement.
The firm’s institutional solutions division includes expertise gained from Ascensus’ merger with Newport and is aimed at expanding services to advisers, plan sponsors and financial institutions in the specialized fields of insurance funding and administration, nonqualified plan recordkeeping, fiduciary services and compensation consulting.
The Standard Promotes Angie Cuthill to 2nd VP of Individual Annuities
The Standard Insurance Co. has promoted Angie Cuthill to the position of second vice president of individual annuities operations.
Angie Cuthill.
In her new role, Cuthill will lead the growth strategy in individual annuities while ensuring technological alignment with the department’s systems support team, according to an announcement. The Standard’s individual annuities systems support team will join Cuthill’s division to maximize alignment and develop a technology roadmap.
Cuthill, who joined The Standard in 2006, was most recently senior director of individual annuities, during which she established an operations system, built partnerships with vendors and strengthened the team, according to the announcement. She held leadership roles in employee benefits before moving into annuities.
“Angie is a strong strategic leader who knows how to help develop her team for success,” Alan Assner, assistant vice president of Individual Annuities, said in a statement. “She has a gift for meeting the challenges of today while keeping an eye toward the future.”
Optima Partners Appoints Paul Fletcher Global Head of Asset, Wealth Management
Regulatory compliance and risk management firm Optima Partners has hired Paul Fletcher as a partner and global head of asset and wealth management, launching a new business line for the company.
Fletcher joins Optima Partners with 35 years of industry experience, including 25 years in compliance and 15 years as an in-house chief compliance officer at mostly mid-to-large organizations, according to an announcement.
Prior to joining Optima, Fletcher worked at LV Group, New Star, Gartmore and more recently led the asset management compliance division at Credit Suisse for 12 years, focusing on the EMEA region.
“We’re excited to bring Paul on board to spearhead our growth initiatives, especially in working with asset and wealth managers traditionally aligned with larger banking institutions and those accustomed to working with Big 4 consulting firms,” Jonathan Saxton, CEO of Optima Partners, said in a statement. “Paul’s appointment marks the launch of a new business line at Optima, opening up a myriad of opportunities for our team to work on strategic projects.”
Fletcher’s responsibilities will largely be project-based, including conducting thematic reviews, implementing regulatory changes, executing gap analysis projects and reviewing and building out compliance frameworks and target operating models, according to the announcement.
GW&K Investment Management Grows Institutional Team
Investment management firm GW&K Investment Management has brought on Christa Maxwell as vice president of institutional business development, based in San Antonio.
Christa Maxwell.
In the new role, Maxwell will be responsible for cultivating business opportunities with institutional clients in the western United States, expanding GW&K’s firm and product awareness with investment consultants, and managing and fostering strong client relationships, according to an announcement.
Maxwell will report to Michael Clare, a partner and director of institutional business development.
“Christa has a keen understanding of our investment strategies and how they can best serve the needs of institutional investors,” Clare said in a statement. “Her sharp business and financial acumen will allow us to develop and optimize western United States client relationships and allow us to continue to meet the demands of a highly competitive and dynamic investment environment.”
Prior to joining GW&K, Maxwell was head of business development and marketing for Acuitas Investments, where she oversaw sales and consultant relations. Before that, she was director of business development at Kennedy Capital Management and vice president of institutional sales and client service at Westwood Holdings Group. She began her investment career at Thornburg Investment Management.
Northern Trust Promotes Bob Parise to Head of North America Institutional Unit
Bob Parise.
Northern Trust Asset Management promoted Bob Parise to head of North America in its global institutional client group.
Parise is responsible for leading the Northern Trust Asset Management institutional sales division, providing oversight of institutional client-facing and new business development within North America, according to a spokesperson.
Parise reports to John Abunassar, head of NTAM’s global institutional client group.
Parise’s previous role was as the practice leader for public retirement funds and Taft-Hartley plan business segments.
Parise has worked in the retirement investing industry with retirement plans for more than 30 years, beginning in 1997. He started as a 401(k) wholesaler at Banc One Investment Advisors and worked at J.P. Morgan Asset Management, in two roles, for 12 years.
Ascensus Institutional Solutions Expands NQDC Sales Team
